ATB Cormark Capital Markets Forecasts Strong Price Appreciation for AltaGas (TSE:ALA) Stock

AltaGas (TSE:ALA) had its price target raised by ATB Cormark Capital Markets from C$49.00 to C$52.00 in a report issued on Monday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. ATB Cormark Capital Markets’ price objective points to a potential upside of 9.61% from the stock’s current price.

A number of other analysts have also recently commented on ALA. JPMorgan Chase & Co. lifted their target price on shares of AltaGas from C$45.00 to C$47.00 in a research note on Wednesday, December 3rd. National Bank Financial boosted their price objective on shares of AltaGas from C$46.00 to C$50.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. Scotiabank upped their target price on AltaGas from C$50.00 to C$52.00 and gave the company an “outperform” rating in a research report on Monday. Canadian Imperial Bank of Commerce lifted their price target on AltaGas from C$47.00 to C$50.00 in a research report on Wednesday, December 17th. Finally, Jefferies Financial Group increased their price objective on AltaGas from C$49.00 to C$53.00 in a report on Monday. Seven analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, AltaGas has a consensus rating of “Moderate Buy” and a consensus target price of C$49.89.

AltaGas Stock Up 2.5%

Shares of ALA traded up C$1.16 during trading hours on Monday, hitting C$47.44. The company had a trading volume of 4,602,333 shares, compared to its average volume of 879,069. The company has a current ratio of 0.88, a quick ratio of 0.44 and a debt-to-equity ratio of 126.46. The company has a market capitalization of C$14.76 billion, a PE ratio of 19.05, a price-to-earnings-growth ratio of -4.97 and a beta of 0.49. AltaGas has a one year low of C$35.33 and a one year high of C$48.32. The company’s fifty day moving average price is C$42.96 and its two-hundred day moving average price is C$42.43.

AltaGas (TSE:ALA) last announced its earnings results on Friday, March 6th. The company reported C$0.77 EPS for the quarter. AltaGas had a net margin of 6.15% and a return on equity of 8.78%. The business had revenue of C$3.29 billion during the quarter. As a group, equities analysts forecast that AltaGas will post 2.3006093 earnings per share for the current fiscal year.

AltaGas Company Profile

AltaGas Ltd owns and operates a diversified basket of energy infrastructure businesses. Business is conducted through four segments: Midstream, power, utilities and corporate. Utility business owns and operates rate-regulated natural gas distribution assets across North America. Midstream business subsequent to the sale of non-core midstream assets in Canada and also engaged in the natural gas liquid processing and extraction, transportation, and storage. Natural gas is sold and purchased for both commercial and industrial users.